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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Dragged Below $7,000 By Return to Market Chaos

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin price crypto btcusd

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Bitcoin price just broke below $7,000 Monday morning after a late Friday evening rally pushed the asset over the key level for the weekend.

However, coronavirus concerns have returned to traditional markets, causing major turbulence to kick off the day, which may have also caused Bitcoin to tumble. Could a repeat of last month’s mayhem and a retest of extreme lows be incoming?

Bitcoin Price Breaks Below $7,000 After Weekend Retest of Highs

Bitcoin price has been struggling to push through overhead resistance above the mid-$7,000 range all throughout April.

Following the record-breaking collapse in mid-March – now dubbed Black Thursday – the first-ever cryptocurrency had shown a strong recovery from the extreme lows set around $3,800, nearly doubling in value in less than a month.

The bulls that were feverishly buying Bitcoin at such low prices have appeared to have run out of steam. Or it could be that fear, uncertainty, and doubt is getting the best of them once again.

With news breaking that the economy will remain in lockdown, and coronavirus cases barely starting to show a flattening of the curve, investors are once again in panic mode and starting to dump assets in a fury.

Oil prices sank to 20-year lows, and Dow futures tumbled overnight. The last time Bitcoin price suffered a major collapse, it was tightly correlated with the stock market.

The stock market preparing for another leg down doesn’t bode for the cryptocurrency market. The high-risk asset class filled with speculation and hype could suffer yet another major drop, similar to the madness last March.

Traditional Market Chaos and Volatility Spiking Could Be Dangerous For Bitcoin

Bulls will need to hold $6,800, or a push to the lower $6,000 area is next. Failure to hold this level could cause Bitcoin price to retest the low put in last month, or potentially fall lower to set the asset’s bear market bottom.

At this point and with a black swan event like the coronavirus continuing to be a dark cloud hanging over the economy and markets, this type of turbulence is likely to continue and anything at all is possible.

Given that Bitcoin and the crypto space is relatively illiquid compared to other assets, and lack proven uses cases and widespread adoption, the assets could theoretically go to zero.

However, with Bitcoin’s halving ahead – expected to be a significantly bullish event in terms of impact on supply and demand – the current drop could be a buying opportunity that cannot be missed.

Previous halvings have each taken Bitcoin price to a new all-time high, but this is the first halving to take place during such bearish conditions.

With so much going on the fate of Bitcoin is truly at stake.

Featured image from Pixabay
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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